Q4 US retail sales will reach $1.33 trillion! How is online consumption performing?

According to the "Holiday 2022: US Digital Shopping Study" by Oresight Research and Bolt Commerce, total US retail sales in the fourth quarter of this year will reach 1.33 trillion US dollars, an increase of 6% from the same period in 2021 (1.25 trillion US dollars). Among them, online sales will account for 24% of total retail sales, a year-on-year increase of 20%.

The report shows that in the fourth quarter, 82% of consumers in the United States are likely or very likely to use online search platforms to find inspiration and search for holiday gifts. 74% of consumers are likely or very likely to use online search platforms to buy holiday gifts.

Oresight Research and Bolt Commerce also looked at retail performance during Cyber ​​Week (Thanksgiving through Cyber ​​Monday) and found that:

• Online retail sales on Thanksgiving Day totaled $5.3 billion, up 3.9% year-on-year.
• Online retail sales on Black Friday reached $9.1 billion, up 2.2% year-over-year.
• Online retail sales on Cyber ​​Monday reached $11.3 billion, up 5.6% year-over-year.
• During the entire Cyber ​​Week, the average order quantity was 3.2 pieces, which was the same as in 2021.
• During Cyber ​​Week as a whole, gross merchandise value (GMV) increased by about 2% compared to 2021.
• During Cyber ​​Week as a whole, average order value (AOV) increased by approximately 15% compared to 2021.

Coresight Research and Bolt Commerce also observed discount trends for the 2022 holiday season:

Online discounts are deep, including on toys, electronics and clothing;

Retailers continue to adopt technology solutions such as e-commerce management, flexible payments, personalization and experiential retail;

In an uncertain economic environment, shoppers are embracing flexible payment options.

Data from Salesforce also showed that online discounts soared during Cyber ​​Week, exceeding pre-pandemic levels by 30%. In addition, data from Ware2Go showed that about half of retailers could entice U.S. consumers to make online holiday purchases through incentives such as deal days, coupons or online product promotions.

Editor ✎ Nicole/

Disclaimer: This article is copyrighted and may not be reproduced without permission.